Wisconsin's survivorship marital property is unique because:
Correct Answer
B) It is a form of ownership available only to married couples where the surviving spouse automatically receives the deceased spouse's interest without probate
Wisconsin's Marital Property Act (1986) created survivorship marital property, which automatically passes to the surviving spouse outside probate. It is similar to community property with right of survivorship.
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Related Topics & Key Terms
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Related Concepts
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
A bilateral contract is an agreement in which both parties exchange promises and are both obligated to perform, while a unilateral contract is one in which only one party makes a promise and the other party is not obligated to act.
A breach of contract occurs when one party fails to perform their obligations under the contract without a legal excuse. The non-breaching party is entitled to legal remedies including damages, specific performance, or contract rescission.
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